08.02.09

During November, companies' profits exceeded losses only for 73.3 billion rubles, only one seventh of the amount for November 2007. Profits dropped to 168.8 billion rubles against 267.4 billion in October, 443 billion in September and 586 billion – in pre-crisis August.

Earlier, The Federal Tax Service announced a fall in incoming revenues from profit tax: in November the budget received slightly over 51 billion rubles – three times less than in November 2007. Due to falling profits, the profit tax amount dropped to 1.4% of GDP against 4.7% in November 2007, and in January-November – down to 6.1% of GDP against 6.8% for the same 11 months of previous year. This is according to calculations of Alexandra Suslina from Economics expert group.

In addition to the crisis, budget revenues may have also been affected by late payments. Part of the November shortfall may become part of December's income, as some companies may be trying to avoid or delay paying taxes.

Profit tax amounts to approximately one third of regional budgets’ revenues. According to estimations of Center of Economic Development, regions’ demand for supplemental funds in 2009 may reach 800 million rubles – up to 2% of GDP.
Due to the economic crisis, regional budgets will receive approximately 240 billion rubles less in profit tax revenues, and, as a whole, the shortfall in income will amount to approximately 1 trillion rubles, or 20% of all expected revenues, according to an official of the Ministry of Economic Development.

Companies may have been able to supplement operating assets by taking loans, but not all companies have access to such funds.

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Source: “Vedomosti”